The Providence, Rhode Island university said it will give the money to its neediest undergraduate students as scholarships, eliminating the need for loans.

Sidney Frank, who built an importing business, attended Brown more than 60 years ago but could not afford to earn a four-year degree.

Since then he has made a fortune importing drinks like Jaegermeister -- a green, medicinal-tasting German liqueur popular among college students.

Frank said in a statement he wants to help people who cannot afford to attend the 240-year-old private university. Brown charges about $31,000 a year for tuition and fees and $8,000 for room and board.

The neediest students now get financial aid but still borrow on average between $9,000 and $15,000 during their four years, the university said.

Earlier this year, Frank made a $20 million gift to the university's building fund.